Housing price growth moderates in first quarter: RBI

Average housing price inched up by a meagre 0.89 per cent during first quarter of current fiscal, although property rates were nearly 14 per cent higher from year-ago levels, an RBI report said.

“The quarter-on-quarter growth in the Reserve Bank house price index at the all-India level was lower at 0.89 per cent in Q1 of 2013-14 as compared to 2.46 per cent in the previous quarter,” RBI said in Macroeconomic and Monetary Developments Second Quarter Review 2013-14.

The price increase was the highest for Lucknow, followed by Ahmedabad and Kochi.

In Lucknow, housing prices rose by 4.66 per cent on q-o-q basis, while rates in Ahmedabad and Kochi were up by 4.47 per cent and 2.28 per cent, respectively.

However, the all-India average price rose by 13.75 per cent in April-June period on year-on-year (y-o-y) basis.

The index is a weighted average of city indices, weights based on population proportion. The base year is 2010-11.

Kochi and Lucknow saw the highest y-o-y increases of 28.55 per cent and 27.56 per cent, respectively.

Prices in Delhi and Mumbai were up by 21.15 per cent and 8.38 per cent respectively.

Source: The Economic Times

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